Miami Ranked Least Affordable U.S. City for Rental Housing

A May 2026 study by WalletHub ranks Miami as the least affordable city in the United States for rental housing. The city placed 182nd out of 182 cities, with median monthly rents between $3,100 and $3,150. These housing costs consume nearly half of the median annual household income of $62,000.

Data from the Bureau of Economic Analysis shows that Miami's cost of living relative to local incomes has surpassed New York City for the first time. This affordability crisis is linked to a 36% increase in the South Florida consumer price index since 2019, fueled primarily by rising insurance premiums, car ownership expenses, and restaurant prices.

The economic pressure has triggered a significant population shift. The city experienced a net domestic out-migration of approximately 114,000 residents in a single year as inhabitants left the area due to the rising cost of living.